2017 Mid-Year Single-Family Home Sales UP 7%

Houston single-family home sales closed ahead of June 2016 by 8% and the increase in sales brought year-to-date sales up 7%. One might expect a cool-down after a hot first half of the year, however  the Houston Multiple Listing Service recorded a 19% increase in pending sales.  That large of an increase indicates the market won’t slow down in the near future.  As we have seen in previous years – the hotness of the market is contingent upon price ranges.  Some home price ranges are hot while others are lukewarm.  In reviewing the graph below, it’s very safe to say that homeowners in Houston are enjoying a healthy appreciation on their investment.   Stay tuned and we’ll keep you posted!

Here’s a glance at the trends for the month and year:

 

 

 

 

 

 

 

 

 

 

 

 

 

*Pending sales are homes that are under contract and have not closed and indicate current buyer demand.

Houston Home Sales by Price Class for 2017

What price ranges have the largest increase in sales in Houston in June? The following price classes experienced the largest increase compared to 2016:

 

 

 

 

 

 

Generally speaking, the first half of 2017 has experienced a really hot market in homes priced below $299,999.  Homes priced $300,000-$399,999 are in a balanced market and homes priced $400,000 and above are in a buyers’ market.

The Houston overall market is so large; it rarely reflects the same trends as a submarket area located within its boundaries.  Some areas are exceeding Houston’s overall growth in sales while others are lagging behind.  For a breakdown of activity by area with a map, CLICK HERE.

To see the hottest selling geographical areas for the month in Houston, CLICK HERE.

To search for homes by price range and map, go to www.GaryGreene.com.

Data provided by the Houston Association of Realtors® Information Services™, and The Real Estate Center for Texas A&M and written by Toni Nelson, Director of Strategic Initiatives for Better Homes and Gardens Real Estate Gary Greene

November Houston Single-Family Homes Sales Experience 23% Rally!

November was a hot month for closing single-family homes sales in the Houston MLS market area!  Sales rose 23% from a year ago and the rally in sales brought year-to-date sales up 3% from a year ago.  With such an uplift in sales for the month, one may wonder if December sales will flatten or possibly deflate.  Not so, as pending sales indicate the opposite. Homes under contract [sales pending] in November rose 16%.  This not only indicates more closings on the horizon but also the year, 2016, could close out as a better year for real estate than 2015.  There certainly appears to have been an end of the year real estate rally that may extend and continue into 2017.  Happy New Year!

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**Metrics reflect all single-family home sales – both new and existing.

Houston Home Sales by Price Class for 2016

What price ranges had the most amount of increased sales in Houston for October YTD? The following price classes experienced the largest increase in sales over 2015:

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Very interesting to note:   All of the above price ranges were in the exact same numerical order last month.  As the end of the year approaches, the months of inventory in these price classes usually go up.  This month all price classes experienced fewer months of inventory than last month.  This indicates that Houston is performing well in terms of absorption of homes on market.

The Houston overall market is so large; it rarely reflects the same trends as a submarket area located within its boundaries.  Some areas are exceeding Houston’s overall growth in sales while others are lagging behind.  For a breakdown of activity by area with a map, CLICK HERE.

To see the hottest selling geographical areas for the month in Houston, CLICK HERE.

To search for homes by price range and map, go to www.GaryGreene.com.

Data provided by the Houston Association of Realtors® Information Services™, and The Real Estate Center for Texas A&M and written by Toni Nelson, Director of Strategic Initiatives for Better Homes and Gardens Real Estate Gary Greene

 

 

 

 

 

 

 

July YTD Home Sales Flatten

July single-family home sales and dollar volume sold experienced a 9% decline leaving July YTD home sales in a flatter position than June YTD. July YTD is still in a positive sales zone, if only by 1%.

Here’s a peek at the most important stats for July and YTD:

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*Pending sales computation changed in May 2015 and therefore July YTD pending sales are inaccurate.**Metrics reflect all home sales – both new and existing.

There is no question that the slowing sales velocity is putting a damper on home price appreciation and will probably continue as the year unfolds.

Houston Home Sales by Price Class for 2016

What price ranges had the most amount of increased sales in Houston July YTD? The following price classes experienced the largest increase in sales over 2015:

————————————————–Months of Inventory
$200,000 – $249,999 – up 18%——————3.2
$250,000 – $299,999 – up 12% —————–4.7
$150,000 – $199,999 – up 6% ——————2.0
$300,000 – $399,999 – up 6% ——————5.8
$400,000 – $499,999 – up 0% ——————7.3

Houston has returned to its’ normal market demand by price of $150,000-$399,999 and most likely these price ranges will remain the most in demand throughout 2016.

The Houston overall market is so large; it rarely reflects the same trends as a submarket area located within its boundaries. Some areas are exceeding Houston’s overall growth in sales while others are lagging behind.  For a breakdown of activity by area with a map, CLICK HERE.

To see the hottest selling geographical areas for the month in Houston, CLICK HERE.

To search for homes by price range and map, go to www.GaryGreene.com.

Data provided by the Houston Association of Realtors® Information Services™, and The Real Estate Center for Texas A&M and written by Toni Nelson, Director of Strategic Initiatives for Better Homes and Gardens Real Estate Gary Greene

 

April YTD Houston Home Sales Rise 2%

April single-family real estate experienced a 1% decline in number of home sales with 6,310 units recorded. The decline for the month didn’t hamper the year-to-date sales which were up 2% or a total of 21,235 home sales recorded year-to-date.  Active listings in April increased from last year by 21% so spring and summer home buyers have a better selection of homes to purchase than last year.   Late spring and summer are typically the most active sales months of the year, so the next few months will determine how the market will trend for the year!    Stay tuned to find out how the market develops over the coming months.

Here’s a peek at the most important stats for April and YTD:

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*Metrics for pending sales used to represent pending sales in MLS only. The metric changed last year to include all pending statuses which skews the data. More reliable data for pending sales comparisons will be coming in the future.

Houston Home Sales by Price Class for 2016

Currently, homes in the Houston MLS priced below $400,000 are in a sellers’ market with a months of inventory 5.2 or below. Homes priced $400,000 and above are in a buyers’ market with an inventory of 6.8 months or higher.

What price ranges had the most amount of increased sales in Houston in April? The following price classes experienced the largest increase in sales over 2015 in April:

  1. $200,000 – $249,999 –up 21%
  2. $190,000 – $199,999 – up 18%
  3. $160,000 – $169,999 – up 15%
  4. $250,000 – $299,999 – up   7%
  5. $300,000 – $399,999 – up 7%

The Houston overall market is so large; it rarely reflects the same trends as a submarket area located within its boundaries. Some areas are exceeding Houston’s overall growth in sales while others are lagging behind.  For a breakdown of activity by area with a map, CLICK HERE.

To see the hottest selling geographical areas for the month in Houston, CLICK HERE.

To search for homes by price range and map, go to www.GaryGreene.com.

Data provided by the Houston Association of Realtors® Information Services™, and The Real Estate Center for Texas A&M and written by Toni Nelson, Director of Strategic Initiatives for Better Homes and Gardens Real Estate Gary Greene

 

Houston February Single-Family Homes Sales are UP 7%

With all of the press on Houston’s slowing job growth, what does 2016 hold for Houston in terms of single-family home sales? Houston single-family residential sales in February closed ahead of February 2015 by 7%.  The unexpected increase brought year-to-date sales up by 1%.  An early prediction, as the media has depicted in more dire terms, is that 2016 won’t be near as robust of a year as 2015, the second best residential year in Houston’s history. We now have a 23% increase in inventory and a flat median sales price.  Obviously there are signs that the market won’t be HOT but could possibly be LUKEWARM!   Stayed tuned and we’ll keep you posted!

Here’s a glance at the trends for the month and year:

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*The formula for pending sales was changed last year around April. Until we reach the same month when the formula was changed, we won’t have a true picture of pending sales.  Pending sales are homes that are under contract and have not closed which indicates buyer demand.

Houston Home Sales by Price Class for 2016

What price ranges had the most amount of increased sales in Houston in February?  The following price classes experienced the largest increase in sales over 2015 in February:

  1. $800,000-$899,999 -up 29%
  2. $190,000-$199,999 – up 22%
  3. $200,000 – $249,999 – up 16%
  4. $250,000 – $299,999 – up  8%
  5. $160,000 – $169,999 – up 10%
  6. $170,000 – $179,999 – up 10%

The hottest selling price ranges fall into the ranges of $130,000 – $$499,999 with the exception of the $800,000-$899,999.

A quick review of all of the price classes by sales year-to-date indicates that homes priced between $130,000-$399,999 are in a distinct sellers’ market due to Months of Inventory being 3.8 or much less. Homes priced $400,000-$499,999 are in a normal market with Months of Inventory being 6.5 months.  Homes above that price range are in a buyers’ market. This may be a harbinger of a slowing market although in the majority of price classes in Houston, we are still very safely in a sellers’ market.

The Houston overall market is so large; it rarely reflects the same trends as a submarket area located within its boundaries. Some areas are exceeding Houston’s overall growth in sales while others are lagging behind.  For a breakdown of activity by area with a map, CLICK HERE.

To see the hottest selling geographical areas for the month in Houston, CLICK HERE.

To search for homes by price range and map, CLICK HERE.

Data provided by the Houston Association of Realtors® Information Services™, and The Real Estate Center for Texas A&M and written by Toni Nelson, Director of Strategic Initiatives for Better Homes and Gardens Real Estate Gary Greene

 

 

 

Single Family Home Sales Decline 2% in First Month of 2016

2015 was the second best residential real estate year in the history of Houston and 2014 was the best! What does 2016 hold for Houston?  Houston single-family residential sales closed 4,024 homes or 2% fewer homes than found in January 2015!  There is no question that employment growth has slowed in Houston as the energy industry continues to contract.  Job creation is always a driver of home sales growth and yet, it is difficult to predict in one month of a New Year, just how much impact it will have on 2016 home sales.  Stayed tuned and we’ll keep you posted!

Here’s a glance at the trends for the month and YTD:

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As you can see from the table above, single family homes sales are down by 2% as is dollar volume sales. Average sales prices are flat however median sales price is up 5%.  Inventory, which has been lagging for the last few years have grown by 22%.  This increase may very well bring out pent-up demand from buyers unable to find availability in the last few years.

Houston Home Sales by Price Class for 2016

What price ranges sold the most in Houston? The following price classes experienced the largest increase in sales over 2015 in January:

  1. $80,000  – $89,999 – up 23%
  2. $200,000 – $249,999 – up 22%
  3. $700,000 – $799,999 – up 18%
  4. $150,000 – $159,999 – up 11%
  5. $190,000 – $199,999 – up 11%

A quick review of the home sales in January by price class indicates the following:

  • Homes priced below $400,000 are in a sellers’ market based on an MOI of 4.5 or less.
  • Homes priced above $500,000 are in a buyers’ market based on an MOI of 7.2 or greater.
  • Homes priced $400,000 – $499,999 are in a balanced market based on an MOI of 6.1. A balanced market is where neither the buyer or seller has a bargaining advantage due to inventory.

Months of Inventory [MOI] indicates how long it would take to sell a home in a specific price class given the current rate of sales. Anything below 6 months is considered a sellers’ market and anything above 6 months is considered a buyers’ market. Houston is currently comprised of a bifurcated market – it’s a sellers’ market and it is a buyers’ market depending upon the price range.

The Houston overall market is so large; it rarely reflects the same trends as a submarket area within its boundaries. Some areas are exceeding Houston’s overall growth in sales while others are lagging behind.  For a breakdown of activity by area with a map, CLICK HERE.

To see the hottest selling geographical areas for the month in Houston, CLICK HERE.

To search for homes by price range and map, CLICK HERE.

Data provided by the Houston Association of Realtors® Information Services™, and The Real Estate Center for Texas A&M and written by Toni Nelson, Director of Strategic Initiatives for Better Homes and Gardens Real Estate Gary Greene

 

 

 

Houston Real Estate: 2015 in Review

The 2015 Houston Residential Real Estate market came very close to matching 2014, the greatest residential real estate year in Houston’s history, but fell short by 2% in units sold, for a total of 73,724.  Number of sales was the only negative metric the single-family real estate market endured in 2015, according to the Houston Association of Realtors® Multiple Listing Service™.  Houston did experience a 17% rise in number of homes on the market and was a welcome relief for agents and buyers that experienced too few housing options in 2014. Last year, in comparison to 2014, the single-family residential market recorded:

  • 1% more dollar volume ($20,664,099,174)
  • 4% higher average sales price ($280,290)
  • 7% higher median sales price ($212,000)

Over the last 3 years, Houston real estate agents have experienced a continuum of robust sales that long-time professionals never dreamed would happen. A 2% drop in home sales did not feel too much different from previous years.  There were headlines throughout the year that the “Energy Capital of the World” was sputtering in the upstream sector, yet real estate continued to flourish.   As housing inventory grew, agents were able to find homes for buyers that were competitively bid out of homes in 2014.

It was certainly a year of change in terms of market dynamics. From 2012 to 2014, high-end homes were hot and in 2015, high-end homes priced $500,000 or above slowly moved to a buyers’ market.  Today, the months of inventory for homes priced $500,000 or above spans from 6.5 months to over 9 months. On the other hand, 10,368 homes priced $200,000-$250,000 were sold in 2015 and that price category remains in a strong sellers’ market with only 2.5 months of inventory.  Homes priced below $200,000 are also in high demand and have an even stronger sellers’ market of 2 months of inventory and below.   It seems the market has bifurcated into either a sellers’ market or a buyers’ market dependent upon the price range category.

What’s in store for Houston in 2016? The Greater Houston Partnership, an economic development council, has predicted that Houston will gain 21,900 jobs in 2016.  Houston has been blessed with a diversified economy.  As upstream energy continues to contract, other industries will expand.  We won’t see job growth like we have in the past but positive job growth of any magnitude helps to maintain home values.  Add to that equation healthy mortgage rates [tied to a 10-year index rather than short-term] and stable employment bases in multiple sectors and Houston will continue to be a great place to live, work and raise a family.

Data provided by the Houston Association of Realtors® Information Services™, and The Real Estate Center for Texas A&M and written by Toni Nelson, Director of Strategic Initiatives for Better Homes and Gardens Real Estate Gary Greene